SI-BONE Reports 20.6% Revenue Growth to $48.7 Million in Q3 2025

SI-BONE, Inc. reported a significant increase in financial performance for the third quarter of 2025, with revenues reaching $48.7 million, a 20.6% increase from $40.3 million in the same period last year. For the nine months ending September 30, 2025, total revenue was $144.6 million, up 22.3% from $118.2 million in the prior year. The company’s gross profit also saw a notable rise, reaching $38.8 million for the quarter and $115.3 million for the nine-month period, reflecting gross margins of 79.8% for both periods. Despite these gains, SI-BONE reported a net loss of $4.6 million for the quarter, an improvement from a loss of $6.6 million in Q3 2024, and a nine-month net loss of $17.3 million compared to $26.4 million in the previous year.

The company attributed its revenue growth primarily to increased case volumes driven by an expanded product portfolio, which includes several innovative surgical implants for treating sacroiliac joint dysfunction. The U.S. market accounted for the majority of sales, contributing $46.4 million in Q3 2025, a 21.2% increase from the previous year. International sales also grew, albeit at a slower rate, reaching $2.3 million. The increase in revenue was accompanied by a rise in operating expenses, which totaled $44.2 million for the quarter, up 11.9% from $39.5 million in Q3 2024, largely due to higher sales commissions and personnel costs.

In terms of operational developments, SI-BONE expanded its sales force, employing 88 territory sales managers and 83 clinical support specialists as of September 30, 2025, compared to 82 and 76, respectively, a year earlier. The company also utilized 302 third-party sales agents, up from 227 in the previous year. This expansion is part of a broader strategy to enhance market penetration and drive product adoption. As of the end of September 2025, over 130,000 procedures had been performed using SI-BONE's products by more than 4,800 physicians across the U.S. and 38 other countries.

Looking ahead, SI-BONE remains focused on expanding its product offerings and enhancing its operational efficiency. The company plans to continue investing in research and development, having spent $13.1 million in the first nine months of 2025, which represents 9% of its revenue. The company is also actively engaged in clinical trials to validate the efficacy of its products, which is crucial for gaining favorable reimbursement and driving adoption. Despite the positive trajectory, SI-BONE acknowledges the potential for future losses and the need for additional capital to support its growth initiatives, particularly as it introduces new products and expands its inventory to meet demand.